Bithumb, which claims to be the world's largest cryptocurrency exchange, says Bitcoin is poised to reach nearly $7,000. Trading prices have already reached $6,100 per coin.
After a brief dip, Bitcoin prices made a rebound by exceeding $6,000, stoking up investors' expectations for a new record high.
Bitcoin, the world's leading cryptocurrency, gained the attention of investors worldwide when it reached a record high of $4,477, surpassing the $4,300 mark on 15 August.
China and South Korea action
When government authorities in China and South Korea took action to regulate the market for virtual currencies, Bitcoin prices plummeted to as low as $3,391, barely maintaining a range of $3,900 to $4,100 thereafter. But the price began to pick up again to over $4,300 just after a couple of weeks.
Bitcoin is now preparing for another upsurge, Bithumb says.
Bitcoin's current market cap is approximately $79,171,130,434 and recorded $2,053,739,130 in daily trading volume, up by 52% from the previous week. South Korea accounts for 37.95% of the world's Bitcoin trading volume taking up the largest share in the global market.
The major factor in the rise of Bitcoin prices can be attributed to the upcoming hard fork, Bitcoin Gold (BCG) and SegWit2x, scheduled for 25 October and mid-November respectively.
The price increase is also attributable to the short-term price trend of Bitcoin, Bithumb says. The digital currency hit an all-time high a month after it was split into two versions, Bitcoin (BTC) and Bitcoin Cash (BCH), in August.
Other cryptocurrencies are growing sharply in value. Since July, Ethereum prices have increased by an average of 7% every month. As of 10 October 10th, it is being traded for $2,991, up by approx. 27.8% from 10 July.
Ripple started at a trading value of $0.2 at the opening bell on 10 September, and reached $0.27 in October, up by approx. 34.3% from the previous month.
In September, Bithumb listed Zcash (ZEC) after listing Monero (XMR) in August. Bithumb now trades a total of nine cryptocurrencies.